NEW YORK, March 19, 2014 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud claims on behalf of investors of Global Geophysical Services, Inc. ("GGS" or the "Company") (NYSE: GGS).
On March 17, 2017, GGS announced that its financial statements and related auditors' reports for the fiscal years ended December 31, 2012, 2011, 2010, and 2009 and the first, second, and third quarters of 2013 should no longer be relied upon and must be restated due to accounting errors caused by material weaknesses in the Company's internal controls. GGS also announced that it is conducting a thorough review of those financial statements, and intends to restate its consolidated financial statements from 2011 to the present as well as selected financial data for fiscal years 2009 and 2011 in its 2013 Annual Report. For this reason, the filing of the 2013 annual report will be delayed.
Following this news, on March 18, 2014, GGS's stock dropped $0.71 or 60.68% to close at $0.46 on unusually heavy volume.
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If you invested in GGS stock or options and would like to discuss your legal rights, visit www.faruqilaw.com/GGS. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org or email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding GGS's conduct to contact the firm, including whistleblowers, former employees, shareholders, and others.
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